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<\/p>\nShiba Inu led an altcoin surge on Monday after the dog-inspired meme coin\u2019s price spiked by over 85% in yet the biggest single-day move last seen in May.<\/p>\n
Monday\u2019s surge is said to have been sparked by Elon Musk who tweeted a photo of his new puppy called \u201cFloki FrunkPuppy\u201d.<\/p>\n
Although the Tesla C.E.O did not outrightly tag the photo with SHibaInu, the meme coin skyrocketed leaving Dogecoin proponents wondering what had just transpired.<\/p>\n
The coin\u2019s pump however does not come as a surprise to some. It shall be remembered that in late June, Musk promised his over 60 million Twitter followers that he would be introducing his Shiba Inu saying \u201cmy Shiba Inu will be named Floki,<\/em>\u201d a statement that was seen as referring to yesterday\u2019s post.<\/p>\n Despite Musk previous coming under fire from the crypto community, it seems he is back, this time with more clandestine pump schemes. His price-pumping notoriety came into focus earlier in the year after he announced that he had bought Bitcoin in February right in the $40,000 area sparking a pump that pushed prices to new highs.<\/p>\n Later on, in May, he announced that his company, Tesla, had halted accepting Bitcoin for car purchases citing environmental concerns, dealing a big blow on the already writhing Bitcoin price from the Chinese ban. Similarly, a joke about Dogecoin in MAY in a Saturday Night Live (SNL) interview calling it \u201ca hustle\u201d sent the meme coin into a deep dive.<\/p>\n For these price manipulation schemes, Exchange heads such as Binance\u2019s CZ had called on the Tesla boss to be more responsible when commenting on cryptocurrencies given the colossal power he has in the crypto community.\u00a0<\/strong><\/p>\n Interestingly, a keen eye on Elon\u2019s statements does not fail to notice that most of his \u201cpump\u201d calls are not sudden but strategic. Right when he purchased $1.5B worth of Bitcoin in February, the price was struggling to break the $40,700 resistance. Following his announcement, price pumped hard slashing through that ceiling and putting an impressive run to an all-time high of $64,854.<\/p>\n Shiba-Inu\u2019s pump isn’t any different. The crypto asset’s price had been struggling to break and close above the $0.000009 resistance for over five months since May’s drop. Elon Musk\u2019s tweet on Monday shook that bearish pressure as price broke through this resistance to reach $0.000024. With the bull cycle expected to resume this October across major cryptocurrencies, expect more from the Dogefather.<\/p>\nExpect more of Elon\u2019s manipulation in \u201cUptober\u201d<\/strong><\/h2>\n